Jaitley said it was not possible for us to inform about this decision in advance, as we had to maintain its secrecy as well, adding the government will not tolerate illegal transactions.

According to minister, total deposits in all the banks after the demonetisation announcement must be Rs 2-2.25 lakh crore and State Bank of India alone has received Rs 47,868 crore deposits in last two days.

Meanwhile, huge rush and long queues were witnessed today at banks and ATMs as people gathered to get lower denomination currency and new banknotes in lieu of the now-defunct currency.

In the latest reports, the Finance ministry is facing troubles with dispense of cash from ATMs. Officials of Finance Ministry reportedly claimed that most of the ATMs are not working due to the note size. It has been reported that ATMs have to be recalibrated according to the new notes size to be able to dispense the new currency.

“It would take time for banks to make changes to automated teller machines (ATMs) to dispense the new bank,” the Finance Mnister said.

The officials added that around two lakh ATMs had to be recalibrated according to the new denomination of notes, out of which only one lakh ATMs have been recalibrated yesterday, and remaining one lakh have to be recalibrated now.